Solis Minerals (ASX:SLM) has closed the first tranche of the placement to raise $1.86 million to fund ongoing exploration across its projects in Peru.
A total of 109.8 million CHESS Depositary Interests were issued at $0.085 per new share.
Under the placement, which seeks to raise a total of $4.5 million, one-for-two accompanying unlisted options will be issued to participants exercisable at $0.16 within two years.
Euroz Hartleys and GBA Capital are acting as joint lead managers to the equity raise.
Tranche two of the placement is subject to shareholder approval at a special shareholder meeting of Solis held on or around early April 2025.
The funds will be applied to drilling at the Ilo Este and Chancho Al Palo copper targets, as well as geochemical, geophysical, and permitting work at the Cinto Project to enable drilling in the second half of this year.
Solis will also use the funds for regional exploration work to undertake drilling at its other projects including the Chocolate and Canyon projects.
Solis Minerals is an emerging explorer focused primarily on discoveries across its South American copper portfolio.
Write to Aaliyah Rogan at Mining.com.au
Images: Solis Minerals
